Looking only at price can make you miss half the picture. $MAGMA 15-minute open interest: +4.55%; price: +5.34%. Compare the two:
Open interest up, price up: new longs are entering.
If open interest keeps piling up, watch whether the funding rate is also moving toward an extreme. Do you usually set a stop-loss when you open a position?
Open interest up, price up: new longs are entering.
If open interest keeps piling up, watch whether the funding rate is also moving toward an extreme. Do you usually set a stop-loss when you open a position?